Bhubaneswar, Oct 30: South Korea’s POSCO Group has joined hands with India’s JSW Group to set up an integrated steel plant in Odisha.
POSCO management on Tuesday said it has signed a memorandum of understanding with JSW to cooperate on the steel, battery materials and renewable energy sectors.
The two groups have agreed to establish an integrated steel plant in Odisha, reported national media houses.
According to JSW, the agreement establishes a framework for collaboration in steel production, battery materials, and renewable energy. This collaboration comes amid India's strong economic growth, which has spurred steel demand at a rate exceeding GDP growth.
The rising need for steel, along with a rapid shift towards sustainable energy, creates a fertile ground for investment in both the renewable energy and electric vehicle (EV) sectors.
Under this MoU, JSW and POSCO will not only build a high-capacity steel plant but will also explore synergies in battery materials--essential for the fastgrowing EV market--and renewable energy to sustainably power the steel plant.
The partnership leverages JSW's expansive manufacturing network and expertise in project execution alongside POSCO's renowned technological innovations in steel and energy.
This powerful alliance aims to deliver industry-leading solutions tailored to India's steel and energy needs. The MoU signing ceremony, held at JSW's corporate headquarters in Mumbai, was attended by JSW Group Chairman Sajjan Jindal, POSCO) Chairman Mr. Chang In-hwa, and senior officials from both organizations.
